Fiducian prepares to list
Fiducian Portfolio Services has laid down its plans for a listing on the Australian Stock Exchange.
Fiducian Portfolio Services has laid down its plans for a listing on the Australian Stock Exchange.
Managing director Indy Singh says the group plans to list when its master trust reaches $2 billion in funds under administrations. He says the group aims to hit this target by June 2002.
Singh says the plans for the group stands apart from other planned listings of fi-nancial planning amalgamations because it will have a solid base in a service backed up by funds under administration.
“This is not a scheme aiming at a quick buck,” Singh says.
Fiducian was set up by Singh and AM Corporation about three years ago. While Singh and AM continue to own the vast majority (95 per cent) of the group, there are now 14 financial planning groups who have an equity stake in the business.
It is intended that by the time of listing, AM Corp will hold 25 per cent, Singh will hold 25 per cent and up to 25 financial planning groups will hold the remaining 50 per cent.
There are currently 14 financial planning groups
Financial planning groups take a share in the group based on the income generated by their investment in the Fiducain master trust
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